Indian highway construction company IRB Infrastructure Developers and Singapore-based GIC have plans to inject an aggregate of INR 21.33 billion ($257.8 million) in the Ganga Expressway project, a six-lane greenfield access-controlled highway project in India.
IRB Infra has so far raised INR 5.332 billion ($64.4 million) for Ganga Expressway, with GIC contributing INR 2.6129 billion ($31.5 million) and IRB Infra contributing INR 2.719 billion ($32.9 million).
GIC is expected to invest a total of INR 10.45 billion ($126.3 million) in the highway project, giving it a 49 percent ownership stake. IRB Infra will hold the ownership stake of 51 percent and act as the project manager.
“We are grateful to GIC for investing with us in developing the prestigious project for the nation,” said Virendra Mhaiskar, managing director of IRB Infra. “We are committed to delivering the project with high-quality and safety standards for the state of Uttar Pradesh.”